Sherborn, MA

As of November 30, 2008, there were 42 single family listings in Sherborn on the Multiple Listing Service (MLSPin). Very few homes are selling in Sherborn. Surprisingly, average sales prices are up 28.2% from last year. However, looking at current inventory levels, this seems to be an anomaly, as there is a very large concentration of homes on the market priced closer to or less than 2007 averages. Of alarming distress is the current market absorption rate for Sherborn (see below). I've spent some time thinking about this - the majority of towns surrounding Sherborn have easy access to the commuter rail and highways. In addition, these neighboring towns have public water and sewage. What they don't have, however is a nationally recognized high school like Dover/Sherborn and a collection of historical homes that really deserve praise and preservation. One other thing that I have personally noted, is that the profile of a buyer interested in Sherborn is very different than someone looking to buy in one of the neighboring towns. Could it be that Sherborn isn't being marketed properly? Should Realtors® and Town Hall work together to promote Sherborn as a great place to live? During November, 2 new single family listings were added to our MLSPin, with an average list price of $897,000.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rateof 630 days. That is to say, based on the volume of sales during the past month, it will take a heart-breaking 21 months to sell all of the single family homes currently in inventory and sitting on the Sherborn market.

The average list price for a single family home is $1,062,972. The lowest price is $198,888 and the highest price is $4,000,000, with the largest concentration of homes (47.6%) priced in the $600,000 to $999,999 price range. Of note, the average list price for a single family home in November 2007 was $1,241,655.

The median price is $809,950 and the average days on market are 237 days. This compares to a median list price of $824,450 and average days on market of 283 days as of November 30, 2007.

There were 4 properties that went under agreement during the month of November (November 2007- 5 properties). 2 single family homes sold during November, with the average sales price being $722,500 and the median was $722,500, with the average days on market being 312 days. Compare this to 2 properties sold during November 2007, with an average and median sales price of $618,700 and $618,700, respectively, and the average number of days on market being 179 days.

In November 2008:

8 properties experienced price changes averaging -6.83%

Sales price to original price was 88%

Sales price to (last) adjusted price was 96%

Year to date market performance:		2008		2007
Average original list price		$1,128,409		$880,792
Average sales price		$1,002,208		$781,316
Median sales price		$727,500		$652,000
Average days on market		170		243
Total number of single family homes sold		34		39

As of October 31, 2008, there were 54 single family listings in Sherborn on the Multiple Listing Service (MLSPin). Sales of single family homes are down approximately 13.5% for the year, with on-going price pressure on list prices by buyers - especially in the $1,000,000 plus price range. During October, 7 additional single family listings were added to our MLSPin, (1 was re-listed and put back on market) with an average list price of $972,114.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of a staggering 18 months. That is to say, based on the volume of sales during the past month, it will take 540 days to sell all the single family homes currently sitting on the Sherborn market.

The average list price is $1,007,873. The lowest price is $199,888 and the highest price is $4,000,000, with the largest concentration of homes (50%) priced in the $600,000 to $999,999 price range. Of note, the average list price for a single family home in October 2007 was $1,26,685.

The median price is $809,950 and the average days on market are 228 days. This compares to a median sales price of $945,00 and average days on market of 285 days as of October 31, 2007.

There was one property that went under agreement during the month of October (October 2007- six properties). Three single family homes sold during October, with the average sales price being $471,669 and the median was $525,000, with the average days on market being 96 days. Compare this to four properties sold during October 2007, with an average and median sales price of $1,252,225 and $1,149,950, respectively, and the average number of days on market being 488 days.

In October 2008:

Nine properties had price changes averaging -4.83%

Sales price to original price was 90%

Sales price to (last) adjusted price was 94%

Year to date market performance:		2008		2007
Average original list price		$1,147,125		$893,703
Average sales price		$1,019,690		$790,106
Median sales price		$744,500		$684,200
Average days on market		161		247
Total number of single family homes sold		32		37

Monthly market performance:

As of September 30, 2008, there were 54 single family listings in Sherborn on the Multiple Listing Service (MLSPin). Listing prices continue to rise in Sherborn, despite downwards pressure from buyers as demonstrated by the difference between asking and actual sales price. Market comparables are hard to find, so the buyer definitely sets the price in this town. During September, 11 new single family listings were added to our MLSPin, with an average list price of $1,279,734.

The average list price is $1,008,225. The lowest price is $199,888 and the highest price is $4,000,000, with the largest concentration of homes (56.7%%) priced in the $600,000 to $999,999 price range. Of note, the average list price for a single family home in September 2007 was $1,031,354.

The median price is $795,000 and the average days on market are 230 days. This compares to a median sales price of $869,900 and average days on market of 280 days as of September 30, 2007.

There were 4 properties that went under agreement during the month of September (September 2007- 4 properties). 4 single family homes sold during September, with the average sales price being $720,000 and the median was $747,500, with the average days on market being 142 days. Compare this to 3 properties sold during September 2007, with an average and median sales price of $727,427 and $832,250, respectively, and the average number of days on market being 223 days.

In September 2008:

10 properties had price changes averaging -3.00%

Sales price to original price was 88%

Sales price to (last) adjusted price was 96%

Year to date market performance:		2008		2007
Average list price		$1,211,314		$809,942
Average sales price		$1,076,382		$734,092
Median sales price		$780,000		$652,000
Average days on market		168		218
Total number of single family homes sold		29		33

What a wonderful town and great place for anyone. I love the little center of town and how very quaint it is. The lovely historic homes that line Route 16 and Route 27 are wonderful. When my granddaughter could barely talk, as we passes through town (she was less that 2) the first thing she would say was "I cream" she was referring to C & L Frosty's a great little restaurant that has such wonderful ice cream, hot dogs, hamburgers, Fried Clams, and a small area to sit outside and enjoy any of the above in the nice warm months. It is hard to pass by with stopping for an ice cream or frozen yogurt. The next thing she would say was "Ghandi." There is a statue of him in front of the Peace Abbey where the former town hall was. Then she would say "No Nuts" and she was saying Dunkin' Donuts." That was Caroline's tour of Sherborn. When we reached Dunkin' Donuts she expected me to stop and buy some chocolate covered munchkins. In the winter there is a great spot to go sleding and my grandkids love it. It is not far from Farm Pond which is a great spot for town residents. When my husband and were dating it was open to non-residents. I have so many memories of going there. Taking rides to Sherborn through Dover was a favorite thing for us to do. Now I am there nearly everyday. My son lives on the Sherborn side of Holliston so I usually am in the area. My daughter-in-law grew up there and has wonderful memories. One of the most memorable events we attend is at Christmas when we go to the multi-media presentation on the 22 or 23rd of December. The Downing Family has been doing 4 presentations and opens it to the public with refreshments to follow. I have a blog on that too. My son served as a volunteer EMT before he took a position on the Needham Police Department. This was very rewarding for him. Sherborn gives you rural living but you are not too far from Framingham, just 3 miles away. Sherborn is approximately 18 miles southwest of Boston. The commuter rail could be picked up in Ashland or Framingham, Massachusetts. Written by: Pat Baker, Licensed Real Estate Broker/Agent with Coldwell Banker Residential Brokerage of Needham. Serving my clients in Needham, Dover, Wellesley, Sherborn, Dedham, Newton, Weston, Westwood, Holliston, Natick, South Natick http://patbaker.wordpress.com